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Federal Income Tax Due Date Postponed to May

March 19, 2021

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The IRS announced on Wednesday that the due date for individual federal income tax returns has been postponed to May 17, 2021.  The postponement also applies to individuals who pay self-employment tax.  The extension is automatic: individuals will not need to apply or otherwise alert the IRS in order to take advantage of the extension.

Individuals who need additional time to file beyond May 17 can still apply for an extension to file before October 15.

This extension does not apply to estimated payments that are due on April 15, nor does it apply to federal gift tax returns or income tax returns for trusts and estates.

Congress Enacts the Corporate Transparency Act Requiring Certain Entities to Disclose their Owners

On January 1, 2021, Congress enacted the National Defense Authorization Act (the NDAA”). One portion of the NDAA includes the Corporate Transparency Act (the “CTA”), which is described as the most comprehensive anti-money laundering legislation passed in the United States and which regulates the use of anonymous entities for money laundering, tax evasion, and financing terrorism.  The CTA requires certain entities, including limited liability companies, corporations, and “similar entities,” to disclose their individual owners and their “beneficial owners”, meaning those who own or control at least 25% of the entity.  The legislation is aimed at preventing these “shell companies” from hiding illegal activity.

The statute states that the CTA only applies to entities that are created by filing a document with a secretary of state or a similar office, or are formed under the laws of a foreign country, but are registered to do business in the United States through

BCLP Partner Stephanie Kriegel Quoted in Wall Street Journal

BCLP Partner Stephanie Kriegel was quoted in a February 27, 2021 article published in the Wall Street Journal Online entitled “Declutter the Filing Cabinet: What to Save, Move to Cloud, or Shred.”  In this article, Kriegel discusses the importance of retaining physical copies of your estate planning documents.  The entire article can be found here.

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